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Syncrude Strengthens as Horizon Upgrader Plans October Work

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Oct. 2 (Bloomberg) -- Syncrude strengthened as Canadian Natural Resources Ltd. is planning work on its Horizon upgrader in Alberta this month.

Canadian Natural President Steve Laut said during an Aug. 9 conference call that repairs to heat exchangers and mechanical seals were scheduled for the third quarter.

Syncrude’s premium over West Texas Intermediate added $2 to $11 a barrel at 11:48 a.m. in New York, according to data compiled by Bloomberg. That’s the largest premium for the grade since Sept. 19.

The discount for Western Canada Select, a heavy oil blend from Alberta, was unchanged at $11.50 a barrel below the U.S. benchmark. Bakken’s premium to the benchmark narrowed 50 cents a barrel to $1.50.

U.S. Gulf Coast oils strengthened or were unchanged.

Heavy Louisiana Sweet’s premium to West Texas Intermediate increased 30 cents to $20.40 a barrel. Light Louisiana Sweet added 15 cents to $19.25 over the U.S. benchmark.

Poseidon’s premium widened 10 cents to $13.35. Mars Blend’s was unchanged at $13.65 a barrel over WTI and Southern Green Canyon was steady at $12.25.

The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, widened 25 cents to $18 above WTI.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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